TALENT MANAGEMENT
Managing an aging workforce
in a Millennial working world While many companies are focusing on attracting and retaining Millennial workers, it is important not to overlook a key workforce that still has much to offer, but needs to be carefully managed – ageing members of staff. John Deacon, head of employee benefits at Buck, explains how companies can get the best out of their employees, while navigating the changing needs of an older generation.
H
R directors are used to hearing about the importance of appealing to a Millennial workforce. Businesses are
constantly under pressure to bring these employees on board, while the even greater challenge is to retain them. Workers from this generation are seen as the future of the workplace, so it’s no wonder that many companies spend the majority of their time catering to their needs. However, while companies are focusing
their attention on retaining Millennial workers, they risk ignoring a growing challenge in the workplace: ageing staff. Employees that are unable to retire, and therefore must stay in work, will impact the entire business, from demotivated senior management to frustrated junior
employees. Without an effective solution in place, the organisation can find itself with a huge proportion of its workforce working long into their later years.
THE IMPACT OF AN AGEING WORKFORCE Although older members of the team are invaluable for advice, experience and guidance, if they are forced to remain in work due to lack of savings or a robust pension, it can impact the regular running of the business. The likelihood is that these older, senior employees will grow increasingly frustrated as they pass retirement age with no clear end to their career in sight. Meanwhile, overall career development will also be impacted, as junior employees will be unable to
progress into a more senior role. In previous years, this may not have
been such a big challenge. Employees remained loyal to the business and stayed in their role for years without progressing. However, with Millennials and Gen Zers coming into the workplace, this attitude is no longer the norm. Not only are staff eager to progress in their career, but the growing cost of living is also requiring employees to push for a bigger pay packet to manage their lifestyle. Even with the needs of this generation
put to one side, progression is important for the smooth running of the business. Promotions bring on a fresh perspective, more effective ways of running operations and an opportunity for junior members to aspire to a long-term career in the
24 | RELOCATE | SPRING 2019
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